Egypt's property owners given 60 days to appeal valuation, taxes

Egypt's property owners will be entitled to 60 days of appeal once they receive notifications of their property valuations and the amount of tax due, Finance Minister Hany Qadry Demian said in a statement released on Sunday.

Last week, President Abdel-Fattah El-Sisi ratified amendments to a property tax law which will go into effect retroactively from July 2013.

The law stipulates that private accommodations with an annual rent value above LE24,000 will be taxed. Also, commercial stores with an annual rent value above LE1,200.

The maximum limit on raising a property's valuation is 30 percent every five years for property used for private accommodation and 45 percent for all other properties.

Property taxes will be collected twice a year in January and in July through local property tax bureaus.